Stablecoins: currency or credit?
We will analyze the difference between money-like credit and a currency. Then we will try to understand how such a dichotomy related to the stablecoin construct, in particular DAI, the MakerDAO stablecoin.
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MakerDAO
The history of a DAI at par value
Summary The price stability of DAI was expected to be managed by rate settings and speculative arbitrage This didn’t work
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MakerDAO — Borrowers concentration analysis
Summary Borrower concentration at MakerDAO is increasing over time 3 borrowers are currently ~55% of our crypto-loans exposure and ~60%
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